PS3 sells out, second-hand cash-in begins

The launch saw 80,000 Japanese consoles sell out within a couple of hours of going on sale. But opportunistic websites and retailers have been selling the console for four times the £270 asking price, according to reports on the BBC. Enterprising Japanese gamers have even reportedly been paying homeless people to queue for the console on their behalf.

Auctions for the in-demand console have already reached as much as £1,200, while Kotaku reports that some High Street retailers are selling PS3s - advertised as ‘used’ - for around £650.

Launch day saw an impromptu appearance from Kutaragi himself at Tokyo’s flagship Bic Camera store.

“I’m grateful that so many people are waiting for the PS3,” he said. “I hope you will enjoy the next-generation entertainment to your heart's content.”

Now all eyes are on the US PS3 launch on the 17th. While many more units will be available in the States, retailers and auction websites are bracing themselves for a similar rush to cash in on the PS3 frenzy.

Sony has still yet to confirm a date for the European launch other than sometime in March, leaving an increasingly confident Microsoft and the arrival of Nintendo’s Wii to hog the pre-Christmas headlines.

Nevertheless, Sony confirmed to MCV last week that it has a £7 million Christmas marketing spend planned, based around pushing the likes of Buzz and SingStar on PS2 and handheld PSP.

MCV is the leading trade news and community site for all professionals working within the UK and international video games market. It reaches everyone from store manager to CEO, covering the entire industry. MCV is published by NewBay Media, which specialises in entertainment, leisure and technology markets.